By Robin Brown at The Motley Fool Canada
The TFSA (Tax-Free Savings Account) can be a serious money-saving (and money-making) tool. As long as you follow the rules, all income earned in the TFSA is protected from the Canada Revenue Agency. You can save as much as 20% on your investment income by keeping your stock investments in a TFSA.
If you like dividend income, here is a simple TFSA portfolio that could earn an average of $265 per month of dividend income. You will need to split $75,000 evenly ($18,750) across four quality stocks. Here’s how I would structure the portfolio.
A great real estate stock for a TFSA
I’d first put $18,750 of TFSA cash into Granite Real Estate Investment Trust (TSX:GRT.UN). You could buy 204 units today. With a yield of 3.8%, that would earn $60.52 per month.
After a few years of weak price momentum, real estate investment trusts (REITs) have been gaining steam in recent weeks. Granite stock set a high not seen since late 2022. Investors appear to be returning to the sector as real assets with safe distributions become attractive in a world threatened by artificial intelligence.
Granite has an industry-leading balance sheet, a history of good capital allocation, high quality assets, 98% occupancy, and attractive mid-digit growth prospects. It still looks like a nice time to add this stock to a TFSA this year.
A top energy infrastructure stock
The next stock I’d buy in my TFSA with $18,750 is Pembina Pipeline (TSX:PPL). You could buy 322 shares at today’s price. With a yield of 4.9%, you would earn $288.62 quarterly or $76.21 averaged monthly.
Around 10–15% of its business is based on commodity pricing, so it gets an earnings boost when oil and gas prices are elevated. It appears prices could be elevated for some time, so that means Pembina has a good chance of exceeding its guidance this year.
Pembina is a leading provider of energy infrastructure. The pipeline operator has a sector-leading balance sheet and attractive capital growth opportunities. This is a great stock for mid-single-digit earnings and dividend growth ahead.
A top transport stock
Another stock I’d add with $18,750 to my TFSA is Mullen Group (TSX:MTL). You could buy 1,026 shares at today’s price. With a yield of 4.6%, you would earn $71.82 monthly.
Trucking stocks have been in the dumps the past few years due to a tough freight environment. Yet, Mullen’s stock has been very resilient compared to peers. It is up 45% this year.
Its focus on margins and profitability, rather than growth have helped it preserve results. This is a good stock to take a bet on if you think trade and logistics will start to improve in the year ahead.
An essential goods stock for a TFSA
A final stock to round out a $75,000 TFSA income portfolio is Canadian Tire (TSX:CTC.A). An $18,750 investment could buy 1,026 shares today. With a 3.7% yield, you would earn $172.80 quarterly, or $57.60 average monthly.
Canadian Tire is one of Canada’s most important retailers. You can get everything from gardening supplies to dinnerware to care repairs to clothing. While it has discretionary items, it has a focus on consumer basics. CTC.A stock has a 16-year history of annually growing its dividend.
Its business is well-managed, and its dividend stream is growing, which makes it a decent stock to tuck away inside a TFSA for the long term.
| COMPANY | RECENT PRICE | NUMBER OF SHARES | DIVIDEND | TOTAL PAYOUT | FREQUENCY |
| Granite REIT | $91.75 | 204 | $0.2967 | $60.52 | Monthly |
| Pembina Pipeline | $58.17 | 322 | $0.71 | $228.62 | Quarterly |
| Mullen Group | $18.27 | 1,026 | $0.07 | $71.82 | Monthly |
| Canadian Tire | $194.60 | 96 | $1.80 | $172.80 | Quarterly |
Prices as of April 17, 2026
The post How to Pull $265 Per Month Tax-Free From Your TFSA appeared first on The Motley Fool Canada.
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Fool contributor Robin Brown has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Mullen Group. The Motley Fool recommends Granite Real Estate Investment Trust and Pembina Pipeline. The Motley Fool has a disclosure policy.
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